The establishment of the new office is a smart move on PNC's part. According to Delta Associates' first Quarter 2003 Apartment Report, "the Washington apartment market continues to outpace the nation, with the lowest overall vacancy rate in the US, highest absorption among major metros, and rents that showed a very modest decrease over the year, compared to steep declines elsewhere." PNC MultiFamily, parented by PNC Real Estate Finance, will focus primarily on financing affordable and senior housing.
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